Labor Force Participation Highest in a Decade; Economy Flourishing Under Youngkin

In a striking revelation from Richmond, Virginia’s capital, Governor Glenn Youngkin announced a promising surge in the state’s employment statistics. Over 200,000 Virginians have been employed since January 2022, setting a robust pace for economic recovery and growth.

Under Youngkin’s leadership, Virginia has witnessed not only a substantial increment in employment but also a historical high in labor force participation. As of June, the rate stood at 66.6%, a pinnacle not achieved since January 2013. This was complemented by the state’s labor force swelling by 13,757 in June alone, reaching 4,588,082 – the largest recorded number since data tracking began in 1976.

Governor Youngkin remarked on this achievement, noting the encouraging dip in Virginia’s unemployment rate and the rising number of people rejoining the workforce. He enthusiastically commented on the economic uptrend, emphasizing the potential for further growth as Virginia becomes even more attractive to businesses.

In comparison to national statistics, Virginia’s performance shines bright. While the national unemployment rate settled at 3.6% in June, Virginia boasted a more impressive 2.7%. This not only indicates a healthy state economy but also underscores the efforts made at the state level to drive employment and economic progress.

Secretary of Labor Bryan Slater and Secretary Caren Merrick echoed the Governor’s optimism. Merrick highlighted the addition of nearly 120,000 Virginians into the labor force within the first half of 2023, emphasizing the challenges and opportunities it presents for employers across the state.

June’s data provides a comprehensive snapshot of employment growth across various industry sectors. Notably, the Government led the way with an addition of 6,000 jobs. This was followed by Manufacturing and Trade, Transportation, and Utilities. However, some sectors, such as Construction, witnessed a decline. The broader picture from June 2022 to June 2023 showed nine out of eleven major industry sectors in Virginia registering employment boosts, with Education and Health Services leading the pack.

Virginia’s current labor and economic data presents a promising trajectory, reflecting the dedicated efforts of state leaders and the resilience of its people. With a continuous focus on talent development and making the state more conducive for businesses, Virginia seems set on a path to even greater success in the coming years.